XRP’s Path to $27: Analyst Sees 41% Rise Leading to $27 Target

XRP Whales Move Millions Amid Market Fluctuations

Market analyst EGRAG believes a 41% price upswing for XRP will lead to a legendary upside featuring massive gains. EGRAG disclosed this in a recent report, noting XRP’s struggles around the $0.5 price level. Despite this underperformance, XRP has captured significant attention due to multiple ambitious price forecasts. Market watchers contend XRP is repeating a pattern similar to 2017 before its meteoric surge.

Imminent 41% Price Increase

EGRAG’s recent analysis suggests XRP is poised for a mild 41% rise. He emphasized that this rise would herald a much more substantial price rally, leading to the much-needed breakout to the upside. He highlighted a macro perspective on XRP’s price chart, describing it as extraordinarily bullish. Specifically, he pointed to historical data, noting a similar 41% increase in 2017, which preceded a remarkable spike. 

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Following a period of sustained underperformance in 2017, XRP recorded a simple 41% rise. Interestingly, this 41% rise set the groundwork for the upsurge XRP recorded from January 2017 to January 2018, culminating in an all-time high of $3.3. This historical context forms the basis of EGRAG’s confidence that a repeat performance is imminent. According to the accompanying chart, XRP is currently trading within a symmetrical triangle similar to the one witnessed back in 2017. A breakout following the 41% rise would bolster the chances of an uptrend. While EGRAG admitted he cannot predict the precise percentage increase, he identified the Fibonacci 1.618 level as his ultimate target.

Targeting $27

Data from the chart suggests the Fib. 1.618 point aligns with the $27 price, a value EGRAG persistently argues XRP could clinch. The path to this target features three potent Fibonacci resistance levels: Fib. 1 ($3.31), Fib. 1.236 ($7.36), and Fib. 1.414 ($13.5). Breaching these levels would solidify the prospects of a push toward $27. Nonetheless, he stressed the importance of a well-thought-out strategy. Given the unpredictable nature of price movements, he advocates for a Dollar-Sell-Average approach, allowing investors to systematically sell portions of their holdings as prices rise.

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Meanwhile, in another analysis, EGRAG discussed XRP’s near-term momentum on the monthly timeframe. He pointed to a significant bullish signal from the previous month. EGRAG noted a 75% Inverted Hammer formation at the bottom, often seen as a strong indicator of an impending upward trend. 

The analyst is particularly optimistic about this signal, forecasting the price could reach $0.75 in the near term. He even suggests July 2024 might be a pivotal month characterized by substantial price fireworks. XRP currently trades for $0.4919, battling to recover and retain the support at $0.50.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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